Pre-sale price around 15 million won per 3.3 sq. meters; price ceiling on new apartments applies

Visitors tour the Hoban Summit Cheomdan 3 model home. [Hoban Construction]
Visitors tour the Hoban Summit Cheomdan 3 model home. [Hoban Construction]

Hoban Construction said Monday that more than 21,000 people visited the model home for its "Hoban Summit Cheomdan 3" development in the three days since it opened June 12.

Cheomdan District 3 is a key development zone in northern Gwangju being built around the AI industry. The area is being developed as a self-sufficient city with industrial, residential and education functions. It has also drawn attention as one of the few large-scale residential land districts in Gwangju. The Hoban Summit Cheomdan 3 complex will comprise 805 units across blocks A7 and A8 in the district.

Block A7 will consist of 356 units across five buildings rising up to 20 above-ground floors with one below-ground floor, all with an exclusive use area of 84 square meters — 262 units of the 84㎡A type and 94 units of the 84㎡B type. Block A8 will offer 449 units across six buildings of the same height, with exclusive use areas ranging from 117 to 135 square meters: 221 units of the 117㎡A type, 77 units of the 117㎡B type and 151 units of the 135㎡ type.

As a complex within a public housing district, the development is subject to the price ceiling on new apartments. The average pre-sale price is around 15 million won (approximately $9,870) per 3.3 square meters.

The apartment subscription schedule begins Monday with a special supply round for relocated institutions and industrial complex workers in Block A8, followed by a broader special supply Tuesday, first-priority subscriptions Wednesday and second-priority subscriptions Thursday. Winners will be announced June 24 for Block A8 and June 25 for Block A7. Contract signings will run for three days from July 6 to July 8.

Applications are open nationwide, with priority given to residents of Gwangju and South Jeolla Province. Because the two blocks announce winners on different days, applicants may submit subscriptions for both.

"Cheomdan District 3 is being developed as a self-sufficient city with a full range of industrial, residential and education functions, which is generating strong interest in its future value," a Hoban Construction pre-sales official said. "With pre-sale prices continuing to rise elsewhere, this development also offers price competitiveness, and we expect that positive momentum to carry through the subscription process."

Meanwhile, Hoban Construction's "Hoban Summit Pungmu II" in the transit-oriented area near Pungmu Station in Gimpo drew 3,072 housing subscription account applications for 533 general-supply units in its first-priority subscription round on June 2, posting an average competition ratio of 5.76 to 1.


quq@heraldcorp.com